Frontier Capital Management Co. LLC increased its stake in PDC Energy, Inc. (NASDAQ:PDCE) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 441,614 shares of the energy producer’s stock after buying an additional 13,247 shares during the period. Frontier Capital Management Co. LLC owned approximately 0.68% of PDC Energy worth $27,535,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of PDCE. NWQ Investment Management Company LLC bought a new stake in shares of PDC Energy during the fourth quarter valued at $56,649,000. William Marsh Rice University bought a new stake in shares of PDC Energy during the fourth quarter valued at $53,759,000. Victory Capital Management Inc. increased its stake in shares of PDC Energy by 28.7% in the first quarter. Victory Capital Management Inc. now owns 2,750,907 shares of the energy producer’s stock valued at $171,519,000 after buying an additional 613,674 shares during the last quarter. FMR LLC increased its stake in shares of PDC Energy by 6.6% in the fourth quarter. FMR LLC now owns 7,100,357 shares of the energy producer’s stock valued at $515,344,000 after buying an additional 441,740 shares during the last quarter. Finally, Norges Bank acquired a new position in PDC Energy during the fourth quarter valued at approximately $29,970,000.
Shares of PDC Energy, Inc. (NASDAQ:PDCE) traded up 1.65% during trading on Friday, reaching $45.52. The company’s stock had a trading volume of 2,065,784 shares. The company’s market capitalization is $2.97 billion. The company’s 50-day moving average is $51.05 and its 200-day moving average is $65.15. PDC Energy, Inc. has a 12 month low of $44.01 and a 12 month high of $84.88.
PDC Energy (NASDAQ:PDCE) last announced its earnings results on Friday, May 5th. The energy producer reported ($0.06) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.03. PDC Energy had a negative return on equity of 0.20% and a negative net margin of 22.67%. The business had revenue of $273.70 million for the quarter, compared to analyst estimates of $182.05 million. During the same quarter in the previous year, the company earned ($0.89) EPS. The business’s revenue for the quarter was up 201.4% on a year-over-year basis. On average, analysts forecast that PDC Energy, Inc. will post $0.30 EPS for the current fiscal year.
Several research firms recently commented on PDCE. BidaskClub upgraded PDC Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Deutsche Bank AG cut their price target on PDC Energy from $86.00 to $79.00 and set a “hold” rating on the stock in a research note on Tuesday, March 7th. Canaccord Genuity set a $85.00 price target on PDC Energy and gave the stock a “buy” rating in a research note on Tuesday, February 28th. Credit Suisse Group cut PDC Energy from an “outperform” rating to a “neutral” rating and set a $69.00 price target on the stock. in a research note on Thursday, June 1st. Finally, Tudor Pickering began coverage on PDC Energy in a research note on Thursday, March 30th. They issued a “hold” rating and a $87.00 price target on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $78.67.
In related news, CEO Barton R. Brookman, Jr. sold 1,700 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $62.27, for a total transaction of $105,859.00. Following the sale, the chief executive officer now owns 176,681 shares in the company, valued at approximately $11,001,925.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph E. Casabona sold 1,000 shares of the stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $63.29, for a total transaction of $63,290.00. Following the sale, the director now owns 30,456 shares in the company, valued at approximately $1,927,560.24. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
About PDC Energy
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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